Sichuan Kelun-Biotech Biopharmaceutical (6990) H2 2025 earnings summary

Executive summary

• Achieved significant progress in R&D, commercialization, and global partnerships, with four products launched, eight indications approved, and multiple innovative oncology and immunology drugs introduced in China and global markets.

• Expanded product portfolio to over 30 pipeline assets and more than 10 clinical-stage products, supported by a workforce of over 2,000 employees.

• Commercialization team grew to over 600, covering 300+ cities and 1,200 hospitals, with key products included in the National Reimbursement Drug List across 30 provinces.

• Strengthened global collaborations, including licensing agreements and joint clinical trials with MSD, Ellipses Pharma, Windward Bio, and Crescent Biopharma.

• Published pivotal clinical data in top journals, presented at major congresses, and received multiple industry awards.

Financial highlights

• FY25 revenue reached RMB 2,057.9 million (CNY 2.06 billion), up 6.5% year-over-year; gross profit was RMB 1,478.8 million, up 16.1%.

• Commercialized revenue was RMB 542.7 million; external cooperation and R&D revenue totaled RMB 1,515.2 million.

• Net loss for the year was RMB 382.0 million, up 43.2% year-over-year; adjusted net loss was RMB 211.3 million.

• R&D expenses rose 9.4% to RMB 1,319.7 million; selling and distribution expenses surged 160% to RMB 475.3 million.

• Total assets reached RMB 5,988.5 million, with cash and financial assets at RMB 4,559.4 million; liabilities at RMB 1,121.5 million.

Outlook and guidance

• Plans to double commercialization revenue in 2026, driven by expanded NRDL coverage and new product launches.

• Expects NRDL revenue to account for over 80% of total revenue next year.

• Will accelerate clinical development of over 10 clinical-stage assets and focus on expanding indications, especially in oncology and non-oncology areas.

• Anticipates multiple data readouts from ongoing phase II and III trials at major conferences (ASCO, ESMO).

• Sufficient resources to support ongoing development, with RMB 4.56 billion in cash and financial assets.